Physicians and nurses practice evidence-based medicine, and have the opportunity to practice evidence-based investing. However, what about living evidence-based lives? It seems only natural that doctors and nurses would easily fall into living evidence-based lives, and yet, that doesn’t always seem to be the case. Few doctors and nurses smoke or are overweight, but many neglect their own mental health or are hesitant to reach out when they encounter a personal problem. This results in higher rates of depression and burnout, as well as a poor work-life balance. So let’s quickly look at some ways to practice evidence-based life as well evidence-based financial wellbeing.
Surveys have shown that spending over $50,000-$75,000 per year does not increase happiness, many physicians regularly spend over that amount to chase fulfillment. What most don’t realize is that you’re selling your future by not being properly prepared.
Another survey by Fidelity finds that about half of physicians were saving less than 10% a year and failing to maximize their 401ks. This means that those who follow this path are more likely to be working in a career that has a high burnout rate for longer in order to make up for the debt they accrued early on.
Put 10% of your time into your own evidence-based wellbeing, so for every 10 hours you put into improving the lives of your patients, take an hour to improve your own.
Get exercise. It’s a great way to relieve stress and fight off health problems later in life. Something that goes in hand in hand with this is learning to cook healthy meals. I know many won’t have the time to do that on a regular basis, but make it a priority.
Don’t fall into the trap of spending yourself into a hole. What are the things that you truly enjoy doing? I’m willing to bet that most of them don’t involve huge sums of money to accomplish. Financial independence can raise your levels of happiness, but it takes discipline and knowledge to get to that point. Don’t destroy your chances of making it there before your journey has begun.
These are a few ways to practice evidence-based living and evidence-based financial wellbeing. If you have other suggestions, or tips that have worked for you throughout your lives I’d love to hear them so comment below or send them over.